South Sudan Cash Transfer

The Governor of the Bank of South Sudan has announced the removal of the 10 million South Sudan pounds cash withdrawal limit for clients from individual accounts.

Johnny Ohisa Damian made this statement in a Friday, December 13, press release shared with Eye Radio.

This came after the Bank of South Sudan convened a critical consultative meeting with the Managing Directors of commercial banks on December 12, 2024, at its headquarters in Juba.

The meeting addressed the pressing liquidity challenges and broader macroeconomic issues facing the banking sector and the public.

During the meeting, concerns were raised about the public’s tendency to Stock cash rather than deposit it into banks, due to a lack of trust in the banking sector.

In response, the Central Bank and commercial banks issued a joint statement, pledging to collaborate on resolving this issue.

“A significant directive from the Central Bank Governor, Hon. Johnny Ohisa Damian, was to lift the Ten Million South Sudanese Pounds (SSP 10,000,000) cash withdrawal limit for individual accounts,” Ohisa stated in a statement.

According to a press statement, this collaborative approach is expected to rebuild trust between the Central Bank, commercial banks, and the public.

It says the Bank of South Sudan and commercial banks reaffirmed their commitment to strengthening working relationships within the country’s banking and financial sectors.

To further rest public confidence, the Central Bank stated that it has resolved to encourage commercial banks to offer interest on savings accounts and encourage customers to deposit more money.

The statement pointed out that this initiative aligns with the new management’s commitment to ensuring price stability and fostering a stable, efficient, and trust-driven banking system for the benefit of the economy.